Clothes simulation- rigging a ribbon band to a figure's hand
To have the cloth move with the hand, you parent it to it. If the cloth will always follow the hand, then you can just select the cloth, &#8679; Shift select the armature and in pose mode select the hand bone, then &#9096; CtrlP and choose Bone. If you want to enable/disable the following then use a ChildOf constraint and animate the influence.

Once the cloth object is following the hand, you use pinning to prevent the cloth simulation causing it to fall away. In edit mode select some vertices at the top of the cloth and assign them to a vertex group and set that group in the cloth pinning option.